FULL YEAR 2022 OUTLOOK Financial Discussion
NON-GAAP ADJUSTED FREE CASH FLOW RECONCILIATION SCHEDULE
(in thousands, except share and per share amounts)
Six months ended
June 30
Adjusted Free Cash Flow*
Net cash provided by operating activities
Plus/(less): Change in book overdraft
2018
1,411,235
2019
1,540,547 1,408,521
2020
2021
2022e**
2021
2022
(839)
Plus: Proceeds from disposal of assets
5,385
(Less): Capital Expenditures for Property & Equipment
(546,145)
(2,564)
3,566
(634,406)
1,698,229
1,096
(367)
19,084 42,768
(597,053) (744,315)
1,973,888
(54)
848,478 973,678
(190)
(54)
16,894
(850,000)
7,906
(271,392)
16,894
(371,428)
(Less): Distributions to noncontrolling interests
(103)
(570)
Adjustments:
Payment of contingent consideration recorded in earnings
11
10,371
520
520
Cash received for divestitures
(2,030)
(2,376)
(10,673)
Transaction-related expenses
8,607
12,335
9,803
(17,118)
30,771
(5,671)
27,096
583
(5,671)
27,096
Integration-related and other expenses
2,760
Pre-existing Progressive Waste share-based grants
5,772
4,810
5,770
397
12
144
Tax Effect
Adjusted Free Cash Flow*
(4,752) (4,565) (5,021) (1,287) (2,165)
879,901 916,777 841,898 1,009,598 1,160,000
(214)
585,835
12
(2,165)
638,362
Revenues
4,922,941 5,388,679 5,445,990 6,151,361
7,125,000
2,929,874 3,462,690
Adjusted EBITDA *
1,566,418 1,673,554 1,661,984 1,919,158 2,190,000
918,079 1,068,934
Adjusted Free Cash Flow* as % of Adjusted EBITDA*
56.2%
54.8%
50.7%
52.6%
53.0%
63.8%
59.7%
*Adjusted free cash flow, free cash flow as % of revenue and adjusted EBITDA, non-GAAP financial measures, are provided supplementally because
they are widely used by investors as valuation and liquidity measures. Other companies may calculate these metrics differently.
**2022e is based on August 2022 outlook.
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